Brinx Resources Updates OK-13-1 Exploration Well in Oklahoma
DENVER, June 3, 2013 /PRNewswire/ — Brinx Resources Ltd. (OTCQB: BNXR) (“Brinx Resources” or “Brinx” or the “Company”) today provided this update regarding drilling operations at its multi-well Oklahoma-2013 program.
The initial exploration target at the eight well Oklahoma-2013 program, the OK-13-1 well, was drilled to a total projected depth of approximately 5,650 feet. While the OK-13-1 well encountered the potential pay zone horizons as projected, it was determined by the operating partner that the well was non-commercial. As a result, the OK-13-1 well will be plugged and abandoned.
“Although we were unsuccessful with the first well at the Oklahoma-2013 drilling program, we remain confident in our operating partner’s knowledge of and outstanding exploration track record in the area,” stated Ken Cabianca of Brinx Resources. “Drilling of the remaining seven prospects at the Oklahoma-2013 program is expected to continue with the same rig and crew moving to the next location.”
Drilling dates for the remaining seven prospects in Phase 1 of the Oklahoma-2013 Project will be announced when confirmed by the Operator.
The Oklahoma-2013 project is a multi-phase multi-well exploration drill program currently being conducted by Brinx Resources and it partners. Phase-1 of the Oklahoma-2013 drill program consists of eight (8) wells targeting the first selections from at least 34 high-graded prospects generated by the partnership’s proprietary 3D seismic database that covers the entire 83,043 acres or 130 square miles project area. Drilling at the multi-phase Oklahoma-2013 project is expected to continue through 2014. Going forward, the Company will be providing an update monthly.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing onshore North American oil and natural gas reserves. The Company’s current focus is on the continued exploration and development of its current land portfolio in Oklahoma, as well as the drilling and production of the new Oklahoma-2013 Project (5% interest). Brinx Resources is seeking to further expand its portfolio to include additional interests in North America and internationally.
Safe Harbor Statement: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company’s public announcements and filings.
SOURCE Brinx Resources Ltd.